The aerodynamic drag of high-speed train has been calculated and the effect of bogie side fairing on the aerodynamic drag has been investigated. Computational Fluid Dynamics (CFD) simulation based on steady-state 3 dimensional Navier-Stokes equation has been conducted employing FLUENT 12 and the aerodynamic model of HEMU-430x, the Korean next generation high-speed train under development has been built using GAMBIT 2.4.6. Three types of bogie side fairing configuration, the proto-type without fairing, half-covered fairing to avoid the interference with the bogie frame and full-covered fairing have been adopted to the train model to compare the drag reduction effects of the bogie side fairing configurations and the numerical results yields that the bogie side fairing can reduce the aerodynamic drag of the 6-car trainset up to 7.8%. The aerodynamic drag coefficient of each vehicle as well as the flow structures around the bogie system have also been examined to analyze the reason and mechanism of the drag reduction by bogie side fairing.